Considered one of the world's most prestigious[citation needed], the scholarship covers tuition and room and board, and also provides money for summer travel, independent research, and study abroad.

[3] The Jefferson Scholars Foundation aims to identify, attract, and nurture "individuals of extraordinary intellectual range and depth who possess the highest concomitant qualities of: Leadership, Scholarship, and Citizenship".

[4] Scholars are nominated as the most accomplished student at their respective school, and then compete through a series of interview rounds from local to regional, national and the finals, which are held in Charlottesville, Virginia.

It is held on the grounds of the University of Virginia, and consists of workshops, group discussions and personal exploration, and is designed to foster and develop the characteristics of leadership and citizenship in scholars.

[9] Scholars are encouraged to partake in foreign travel and study after their sophomore year, and invited to undertake a self-designed exploration into a topic of personal interest.